The CLAMS digital currency entered a bull market at the start of December that seems to be unstoppable, but is it time to start getting cautious? Price is currently trading above a very significant pivot zone. The 0.0033 area gave the market quite a bit of problems last week – acting as resistance about three times. The market managed break above 0.0033 on the 12th, so this level has now turned into support – propping-up price on three occasions. Although the market is in a clear uptrend and currently receiving a lot of support from this pivot zone – there is another formation on the chart that is signaling potential trend exhaustion.
The 2-hour chart shows a clear descending triangle formation. These patterns are very indicative of market pressure accumulation, which is usually resolved with a very abrupt break. In this particular case, price seems to be pushed closer and closer to the pivot at 0.0033, and if price slips underneath this massive pivot, the sell-off could be very explosive.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_clam
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Core Foundation has just announced a new partnership with Z Protocol, and it’s already getting…
Binance Wallet is quietly stepping into one of crypto’s fastest-growing sectors, prediction markets. According to…
As concerns around quantum computing and crypto security continue to build, Changpeng Zhao is stepping…
Bitmine Immersion Technologies, led by Tom Lee, is continuing to build aggressively on its Ethereum…
Something interesting just played out within the Ethereum space, and it didn’t take long before…
It’s becoming more obvious by the day that Ethereum is not slowing down anytime soon,…